Analysis for November 22nd, 2013
Index continues moving upwards; yesterday price completed wave (4)
and right now is forming the fifth one. Most likely, instrument will reach new maximums during Friday, but later it is expected to start new correction.
As we can see at the H1 chart, wave (4)
took the form of zigzag
pattern. Earlier price formed extension
inside the third wave. In the near term, I expect one more bullish wave inside the fifth one, that’s why I opened new buy order during previous local correction.
Wave structure has been changed a little bit. It looks like Oil is completing wave (4)
and may start new bearish wave quite soon. After market forms the first wave inside wave (5)
, I’ll start opening sell orders.
More detailed new wave structure is shown on H1 chart. Oil formed diagonal triangle
pattern inside wave 5 of (3)
. Most likely, instrument will form short fifth wave inside wave C of (4)
, that’s why I’m opening short-term buy orders.
RoboForex Analytical Department